Angola
After independence in 1975, the country’s infrastructure was ravaged by a 30-year civil war. The economy remains overly reliant on petroleum exports, which accounts for about 95% of goods exports and 60% of tax revenues. Efforts to clamp down on corruption and to privatise inefficient parastatals have intensified since President Lourenço took charge in 2018.
We forecast Angola’s real GDP to improve from a 5.5% contraction in 2020 to a 1.7% expansion in 2021. Prompted by the rally in oil prices in Q1 2021 and better expectations for global trade, we revised our 2021 forecast upward from our previous forecast in December 2020 of 0.6% growth. Poor economic conditions and discontent with the government’s Covid-19 response have sparked uncharacteristically large protests in Angola, but President João Lourenço continues to push the country forward in terms of confronting corruption and driving privatisation. (Source: Angola Annual Country Profile, published March 2021)
Macroeconomic Data
(2020)
Fiscal Balance (as a % of GDP)
Consumer Price Index (% change y-o-y, avg)
Current Account Balance (as a % of GDP)
Real GDP (annual % change)
GDP per Capita, US$
Import Cover (months)
Population, million
Total External Debt (as a % of GDP)
-2.7
22.3
1.2
-5.5
1,934.6
10.95
32.9
111.1